Warning issued about Toronto-based company

Warning issued about Toronto-based company

FSCO continues to crack down on unlicensed financial companies attempting to circumvent the use of mortgage brokers by dealing directly with the public.

“The Financial Services Commission of Ontario (FSCO) is warning consumers that S.S.F Consultants is not licensed to do mortgage brokering business in Ontario,” FSCO states in an official release. “This company has been soliciting mortgage business from the public, dealing, trading and lending in mortgages, through their website, http://ssfconsultants.ca/.”

However, according to the company’s website, it offers fee-based comparison and referral services as referring clients to insurance, real estate, loans, accounting, and other professional services.

"It's incorrect. When you go to our website, when it says who we are and what we do it doesn't say we're mortgage brokers ... it says we are consultants who refer to professionals; we are not brokers," Mustafa Brown, operating manager of S.S.F Consultants told MortgageBrokerNews.ca. "FSCO's issue was that the website mentioned mortgages but we took out any mention of mortgages."

This is the third such warning issued by FSCO against companies looking to circumvent FSCO rules by avoiding the use of mortgage brokers and dealing directly with the public.

I would also like to warn everyone for greater fool out on the street willing to pay fortune for the house on the speculative confidence that an even greater fool will magically appear to pay an even greater fortune for the same house a few years hence.